Wells Fargo analyst Larry Biegelsen notes Johnson & Johnson announced that it re-filed for chapter 11 bankruptcy to settle for $8.9B about 60K talc claims, which is slightly better than the firm’s expectation of a $10B settlement. However, Wells notes that its legal expert sees the odds this goes through at 50/50. The firm has an Overweight rating on the shares with a price target of $195.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on JNJ:
- Johnson & Johnson talc settlement to alleviate overhang, says Credit Suisse
- Johnson & Johnson spikes over 3% after nearly $9B settlement on talc claims
- Johnson & Johnson Offers to Pay $8.9B in Bankruptcy Filing
- J&J to pay $8.9B to resolve current and future talc claims
- J&J’s Janssen discontinues RSV adult vaccine program
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue